Imagine someone in your family has passed away (God forbid), leaving behind a questionable Will. During such a situation, it’s confusing for financial institutions to release the deceased’s assets as they hardly have an idea on whom to approach. Probate issued on time provides the applicant with the desired authority to have legal access over the deceased’s assets, using which distribution of an estate is covered.
Life is unpredictable and it’s hard to envisage what lies ahead. Thorough knowledge of all the legal processes, at least the basic ones not only make things simpler but also manageable. Therefore, the column today has brought forward a handy guide from a probate lawyer in Cork so that you are well apprised about the concept, the time it takes and the process that follows thereafter.
The Situation When a Probate Process Comes into Play
Before going into the process, don’t you wish to know when a Probate is required? The answer lies in the value of the estate. If it’s nominal with not much money involved, you can stay away from the legal process because in that case, financial institutions and banks set the threshold themselves. Typically, anything less than €25,000 is not considered eligible for Probate. However, it’s best to check with the bank once to be on the safer side.
The Probate Process - A Step-by-Step Approach
Things may turn out in such a way that you might need to make a Probate application yourself. During those times, the following steps shall hold: -
- Calculating the overall worth of the deceased’s assets.
- Finding out all about the beneficiaries.
- Preparing an Inland Revenue Affidavit.
- Filling up a probate application form.
- Applying it to the Probate Officer or District Probate Registry.
- Presenting oneself at an interview and taking an oath.
The entire process is a bit on the time-consuming side with the calculation of the asset value and debt taking up a major chunk of your time. Things like lifetime gifts must also be considered to deal with questions raised over Will validity, cohabiting partner rights, foreign assets and tax implications. All of this is tad complex too! So, it’s advisable for those applying as a personal applicant to be confident of their research skills and the ability to undertake legal responsibilities. You may also share the burden with a reputed Probate lawyer in Cork, willing to carry forward the process on your behalf.
The Time Taken for the Process to Complete
It’s challenging to predict a definite answer to this question because as stated before, the matter depends entirely on estate complexity and size. A lot of paperwork is involved in the process even before applying for the Probate. At times, it takes little time to complete while at other times, the process stretches through months. Of all the tasks involved in the procedure, Inland Revenue Affidavit mostly slackens the speed because it entails listing down the deceased’s assets and locating beneficiaries to get their PPS numbers. The rest depends on the Probate Officer, who already has a major backlog for which processing of your application may cause significant delays.
From all of this, it’s pretty evident that the process requires at least six months for completion whereas, for others, it can stretch up to a year or more.
Final Thoughts:
Now that you are aware of the Probate process and its intricacies, do you wish to eliminate the burden and let a legal professional shoulder it on your behalf? Contact a Probate solicitor! Though there are many whom you may approach, we feel it’s best to involve only the best in the field. Breen Walsh Solicitors, the legal firm working with a team of wills and probate lawyers, dead poll solicitors, personal injury solicitors and family law solicitors in Cork is the most approached. Not only do they have the most experienced Probate solicitors but also others whom you can approach for legal issues other than Wills and Probate.
